Cosmos Holdings CEO Greg Siokas Converts $3.0 Million of Debt into Common Stock at $6.00 Per Share
The conversion price represents a premium to market
http://schema.org/Organization">| Source: Cosmos Holdings
CHICAGO, June 28, 2021 (GLOBE NEWSWIRE) -- Cosmos Holdings, Inc. (“the Company") (OTCQX: COSM), an international pharmaceutical company with a proprietary line of branded and generic pharmaceuticals, nutraceuticals, OTC medications and an extensive, established European Union distribution network, is pleased to announce that Mr. Greg Siokas, Chief Executive Officer, has reduced the debt of the Company by converting $3.0 million of related party debt personally owed to him in exchange for 500,000 shares of common stock at $6.00 per share on June 25, 2021.
The conversion price represents a premium to the previous day’s closing price and is a direct reflection of the commitment of the CEO to the long-term objective of building a diversified pharmaceutical company with an established distribution network worldwide.
Greg Siokas, Chief Executive Officer of Cosmos Holdings, stated, “We have made tremendous progress over the past year by growing our pharmaceutical and nutraceutical business, as well as establishing our distribution network. I strongly believe in Cosmos’ upside potential, and believe this conversion of debt into equity is in the best interest of the Company and our shareholders. This conversion also facilitates our goal of uplisting to the Nasdaq Capital Market, which should elevate our exposure within the investment community.”
“Our goal is to aggressively expand into new markets by adding distributors worldwide in Europe, Asia and North America. We are investing heavily in R&D and marketing of our proprietary line of branded pharmaceuticals, nutraceuticals and food supplements. The introduction of new branded pharmaceuticals and new nutraceuticals into international markets should become major drivers of our revenue growth and profitability in coming quarters. Another important growth initiative that we are actively working on is the roll-out of our e-commerce and online global distribution strategy. We launched Sky Premium Life, our proprietary high-end brand of nutraceuticals and food supplements, on Amazon United Kingdom and we are working on expanding our e-commerce and online global distribution strategy in other major markets, starting in Germany and launching in China thereafter, as well as continuing our expansion in the EU. Overall, I could not be more excited by the outlook for the business and believe this conversion of debt to equity further illustrates my confidence.”
About Cosmos Holdings, Inc.
Cosmos Holdings Inc. is an international pharmaceutical company, with a proprietary line of branded and generic pharmaceuticals, nutraceuticals, OTC medications and medical devices and an extensive, established EU distribution network. The Company identifies, acquires, develops and commercializes products that improve patients' lives and outcomes and has developed a global distribution platform with clients in 16 European countries and currently expanding throughout Asia and North America. Cosmos Holdings has offices and distribution centers in Thessaloniki, Greece, Athens, Greece and Harlow, UK. More information is available at www.cosmosholdingsinc.com and www.skypremiumlife.com.
With the exception of the historical information contained in this news release, the matters described herein, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by, or that otherwise, include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could”, are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. These statements, involve unknown risks and uncertainties that may individually or materially impact the matters discussed, herein for a variety of reasons that are outside the control of the Company, including, but not limited to, the Company’s ability to raise sufficient financing to implement its business plan, the impact of the COVID-19 pandemic on the Company’s business, operations and the economy in general, and the Company’s ability to successfully develop and commercialize its proprietary products and technologies. Readers are cautioned not to place undue reliance on these forward- looking statements, as actual results could differ materially from those described in the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the Company’s filings with the SEC, which are available at the SEC’s website (www.sec.gov). The Company disclaims any intention or obligation to update, or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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